Learn how to submit the request to withdraw from your clients Registered Retirement Savings Plan (RRSP) account
Search for client contact in the HubSpot Search bar, open client contact card and find the client’s CRM Contact Record page.
From the client's contact record, start by navigating into the Servicing (Service Request) tab, which is found in the middle panel of the contact record. Select Cash and Security Management.
From there, you can select Withdraw Funds
Step 1:
- Select the withdrawal type
Step 2:
- Select the RRSP account
Step 3:
- Select an Offset Account
- If you selected withdraw to investment account, select the to account
Step 4:
You will be prompted to specify:
- Amount Type: Is the withdrawal Full or Partial?
- Source of funds: Are the funds from the assigned Optimize Model, or All?
Step 5:
- Enter the gross amount.
- Specify whether the Administrative fee will be included or excluded
- Included: This will charge the Admin fee to the Gross amount. Reducing the taxable amount, and reducing the net amount.
- Excluded: This will charge the Admin Fee to the account's cash balance, and will not affect the gross or taxable amount.
For example:
-
If you withdraw $5,000 and the admin fee is excluded from the withdrawal amount, the client will receive $4,500. In this case, $500 is withheld as taxes.
-
If you withdraw $5,000 and the admin fee is included in the withdrawal amount, the admin fee of $28.25 is first deducted. The remaining $4,971.75 is then taxed, leaving the client with $4,474.57 after $497.18 is withheld in taxes.
Once you have completed and submitted the servicing request, you can click on the Ticket ID directly from the Confirmation Reference section to view and confirm the details of the new service request ticket.
To learn how to monitor the tickets once they are submitted, please read Withdraw Funds - Pipeline and Actioning